DemirBank, in partnership with the International Finance Corporation (IFC), is launching a $15 million project aimed at financing small and medium-sized businesses in Kyrgyzstan, with a focus on women’s entrepreneurship.
The project aims to increase access to finance for underserved SMEs, including those in rural areas. According to the project, at least 25% of the funds will support women-owned businesses, reflecting both organizations’ commitment to inclusive growth.
As DemirBank General Manager Sevki L. Sarilar noted, the implementation of this project reaffirms the bank’s commitment to its mission of providing affordable financing to Kyrgyz people, with a special focus on supporting and empowering women entrepreneurs.
“Our goal is to facilitate the growth and prosperity of small businesses, especially those owned by women, by providing long-term financing in local currency. This, in turn, contributes to job creation and sustainable economic development,” emphasized Sevki L. Sarilar.
In turn, the IFC noted that the project demonstrates a strategic focus on expanding access to financial services in the Central Asian region.
“This project supports our efforts to improve economic resilience and access to finance in the Kyrgyz Republic – this is one of IFC’s priorities in Central Asia,” Alain Nounke said, IFC Regional Industry Manager for the Financial Institutions Group in Central Asia and Turkey.
“IFC’s presence in this project sends a positive signal to other investors and may stimulate their interest in similar initiatives,” he added.
Experts estimate that the project will create between 1,200 and 2,000 new jobs, which will make a tangible contribution to Kyrgyzstan’s economic growth.
The IFC and DemirBank partnership is being implemented with the support of the Local Currency Facility under the International Development Association’s IDA Private Sector Window. This initiative is part of IFC’s broader strategy to support the private sector and promote sustainable development in the Kyrgyz Republic.
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DemirBank is the first international commercial bank in the Kyrgyz Republic, founded in 1997. Today, the financial institution occupies one of the leading positions in the banking system of the republic, providing a wide range of banking services at a high level. For more than a quarter of a century, the bank has implemented dozens of major projects, which today make a significant contribution to the development of the Kyrgyz economy.
The International Finance Corporation (IFC) is an international financial institution that is a member of the World Bank. It was established in 1965 to ensure a steady flow of private investment in developing countries.
The Kyrgyz Republic joined the International Finance Corporation (IFC) in 1993 and owns 0.07% of the authorized capital. IFC’s priority in the Kyrgyz Republic is to support the development and diversification of the private sector in order to improve the country’s competitiveness and employment opportunities.
